OSWEGO, NY (WSYR-TV) – The city of Oswego announced Thursday that it is waiving all $ 276,000 in COVID-19 commercial loans made last March to help businesses weather the COVID-19 pandemic.
In March 2020, when New York State closed and restricted businesses, Mayor Billy Barlow and the City of Oswego provided 20-month interest-free small business loans to help them get through this difficult time.
Now the city is using the funds received as part of the US bailout to completely cancel all loans made.
“Small businesses were among the hardest hit at the start of the pandemic last March, have continued to struggle with economic restrictions throughout the pandemic and need help as they finally begin to reopen . Even as our economy reopens, local small businesses still face restrictions and many other challenges, and that is why it is so useful and important to immediately convert loan funding into grant funding, ” Mayor Billy Barlow said.
Businesses that received loan funding last March should immediately contact the Oswego City Economic Development Office at 315-343-3795 or [email protected] to ensure the conversion of their loan funding to funding under form of grants. Businesses that have already paid off their loan from last year are still eligible for grants and should also contact the Office of Economic Development.
The Town of Oswego has received $ 1.89 million in US bailout funding from the federal government and will use funds to replenish the Town of Oswego’s Small Business Commercial Loan Financing Program once the COVID-19 grants will be issued.